Эмпирический анализ влияния финансиализации на инвестиции нефинансового частного сектора.

АНАСТАСИЯ ФАРИТОВНА КУЗЬМИНА, ИВАН ВАДИМОВИЧ РОЗМАИНСКИЙ

Research output: Contribution to journalArticle

Abstract

The authors of the paper start from the idea that financialization - that is, the strengthening of the role of financial markets, financial institutions, financial motives, financial incomes and financial payments - affects the norms of behavior of economic agents. Such an influence, in particular, consists in the fact that economic agents are increasingly guided by the shortterm results of their activities. This is one of the most important causes of the adverse effects of financialization on physical investment. Unfortunately, this influence is not taken into account in the prevailing mainstream investment theories - proposed by D. Jorgenson and J. Tobin. The authors of the paper suggest that financialization - measured in the form of both growing financial incomes and growing interest and dividend payments - suppresses real investment activity. This hypothesis is tested on panel data of Spain's publicly quoted non-financial companies for the period 2005-2019. Similar studies were conducted on nonfinancial
Original languageRussian
Pages (from-to)60-82
JournalJOURNAL OF INSTITUTIONAL STUDIES
Volume12
Issue number3
StatePublished - 2020
Externally publishedYes

Keywords

  • financialization
  • investment
  • non-financial sector
  • spain
  • инвестиции
  • испания
  • нефинансовый сектор
  • финансиализация

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